Quote of the Day: Real Austerity is Economic Freedom

But what is austerity? Real austerity means that the government and its employees have less money at their disposal. For the economists at the International Monetary Fund, “austerity” may mean spending cuts, but it also means increasing taxes on the beleaguered public in order to, at all costs, repay the government’s corrupt creditors. Keynesian economists reject all forms of austerity. They promote the “borrow and spend” approach that is supposedly scientific and is gentle on the people: paycheck insurance for the unemployed, bailouts for failing businesses, and stimulus packages for everyone else.

Austrian School economists reject both the Keynesian stimulus approach and the IMF-style high-tax, pro-bankster “Austerian” approach. Although “Austrians” are often lumped in with “Austerians,” Austrian School economists support real austerity. This involves cutting government budgets, salaries, employee benefits, retirement benefits, and taxes. It also involves selling government assets and even repudiating government debt

(bold mine)

This is from Professor Mark Thornton at the Mises.org.

The mainstream has been resorting to the strawman argument by distorting the definition of “austerity” and by repeatedly trying to link bankster “Austerian” approach, which has been a failure with, the Austrian school’s real austerity.  

Real austerity is about economic freedom